Uttarakhand Chief Secretary S Ramaswamy chaired the ninth meeting of the State level Coordination Committee (SlCC).
The SlCC is the joint forum formed in all States to facilitate information sharing among the regulators viz Reserve Bank of India, Securities and Exchange Board of India, Registrar of Companies (RoCs) and others and Enforcement Agencies of the States viz Home Department, Finance Department, law Department, Economic Offences Wing (EOW) to control the incidents of unauthorised acceptance of deposits by unscrupulous entities.
In the recent past, there has been a spurt in the activities of the entities which accept money under various garbs by violating the directions of the Regulators and structure their scheme in a manner which escapes the apparent meaning of deposits and the attention of the Regulators.
In the ninth meeting of the SlCC, the RBI general manager officer in charge, Subrata Das, informed that in the recent past various systemic steps have been taken in coordination with the State Government to deal with fraudulent entities such as inactment of Uttaranchal Protection of Interests of Depositors (in Financial Establishments) (Amendment) Act, 2016 and Amendments in Money lending Act, 1976.
Several important decisions were taken in the meeting including the opening of the office of the Registrar of Companies in the state, operationalisation of UPID Act, adapting of Standard Operating Procedures for various regulatory/enforcement
agencies to deal with unauthorised deposit taking activities in the State, creating of awareness in the public regarding fraudulent financial activities, monitor
the activities of Multi State Cooperative Societies with regard to acceptance of deposits from nominal members.